Terms Used In California Codes > Insurance Code > Division 2 > Part 7 > Chapter 3 - Other Provisions

• Commission: means the Public Utilities Commission created by §. See California Public Utilities Code 20
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Home protection company: means any person licensed pursuant to this part which issues home protection contracts. See California Insurance Code 12740
• Home protection contract: means a contract or agreement whereby a person, other than a builder, seller, or lessor of the home which is the subject of the contract, undertakes for a specified period of time, for a predetermined fee, to repair or replace all or any part of any component, system or appliance of a home necessitated by wear and tear, deterioration or inherent defect, arising during the effective period of the contract, and, in the event of an inspection conducted pursuant to subdivision (b) of Section 12761, by the failure of that inspection to detect the likelihood of any such loss. See California Insurance Code 12740
• licensee: means an insurer, agent, broker, or any other person who is required to be licensed by the department. See California Insurance Code 38.6
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Protection contract fee: means the consideration received, or to be received, by a home protection company for the issuance of any home protection contract. See California Insurance Code 12740
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• residential property: as used in this part means any single or multiple unit or units, including mobilehomes, (as defined in Health and Safety Code Section 18211) used primarily for residential purposes. See California Insurance Code 12740
• Subdivision: means a subdivision of the section in which that term occurs unless some other section is expressly mentioned. See California Public Utilities Code 10